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IHT and In Laws

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Comments

  • xylophone
    xylophone Posts: 45,960 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    About £1M. He would have to pay the 3% surcharge if he bought our house due to other properties he owns.

    Why isn't he selling his PPR in order to buy a new PPR (your house)?

    Then he wouldn't be paying a surcharge?
  • jtotheb
    jtotheb Posts: 137 Forumite
    Tom99 wrote: »
    But no extra 3% if they sell the current home to buy yours.

    He has other properties as well which whilst rentals, are also in his name.
  • jtotheb
    jtotheb Posts: 137 Forumite
    Keep_pedalling wrote: »
    Sounds like you are also well in to IHT territory, so any gifting your in laws do should probably skip a generation.

    I wish! We have a large mortgage so not quite up there just yet ourselves.

    I suppose what I'd like is my FIL to get some IHT planning advice and then ACT on it. I'd appreciate any suggestions as to how to go about that. How we proceed with this idea of purchase / rental is immaterial really - what's needed is a strategy that needs to be put in place based on what he really wants to achieve with his wealth.

    Advice greatly welcome....
  • xylophone
    xylophone Posts: 45,960 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    He could take advice from a Chartered Financial Planner.

    http://www.thepfs.org/yourmoney/find-an-adviser/
  • Tom99
    Tom99 Posts: 5,371 Forumite
    1,000 Posts Second Anniversary
    jtotheb wrote: »
    He has other properties as well which whilst rentals, are also in his name.

    But if they sell the current main home to buy another main home the extra 3% does not apply no matter how many other properties they also own.
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